When it comes to getting lawyer legal assistance for estate planning, most lawyers will tell you that the most important part of your plan is to keep is it up to date and current. Our clients in Woodland Hills estate clients tell our estate attorney that it is a challenge to review the estate plan regularly.
The main idea behind the review of estate planning with a lawyer is to be able to quickly gather information to give to your trustee to be able to administer the trust quickly and efficiently. How often you review the estate plan is up to you but we recommend that you annually update your asset list and review distributions at least once every three years.
There are of course times when you must update the trust before your annual estate review to keep it current with your life changes. If you or your spouse or children have health changes, it is a good idea to bring your estate lawyer up to date about those circumstances so that the documents can be reviewed for a change of circumstance.
What needs a regular review in an estate plan depends on what estate documents were previously included in your plan by your attorney, but here is a list of estate documents which should be seen by you annually, as part of your housekeeping tasks to update trust and estate records:
- Your asset list;
- Your trust;
- Your will;
- Your Power of Attorney for Health Care or Advance Health Care Directive;
- Your Power of Attorney for Asset Management or Financial Power of Attorney;
- Your deeds;
- Your General Assignment.
What should you talk to your Woodland Hills estate lawyer about when reviewing your estate planning documents?
You should talk to us about the following items so we can bring your estate plan up to date:
- Health changes for your or your spouse.
- Business changes.
- Residence changes.
- Account changes.
- Health of Children changes.
- Health of your trustee or executor.
- Asset changes.
- Tax changes.
- Special Needs of you or your children.
- Any government benefit for you or your children.
- Anything that makes you lose sleep at night.
Zero in on what is important to you in Estate and Living Trusts and let our Woodland Hills estate lawyer handle the rest.
Call Sirkin Law Group’s Woodland Hills attorneys for a free consultation to discuss your Estate Planning changes at 818.340.4479. Woodland Hills Estate Attorney: Keeping Your Estate Plan Up to Date by Estate Attorney in Woodland Hills”
